Global Equity Strategy Report
|
|
- Cecily Johnson
- 5 years ago
- Views:
Transcription
1 Global Investment Strategy Global Equity Strategy Report April 26, 2017 Stuart Freeman, CFA Co-Head of Global Equity Strategy Scott Wren Senior Global Equity Strategist Analysis and outlook for the equity market» Although it is early in the earnings reporting season, a favorable 74 percent of S&P 500 Index companies have reported earnings that are ahead of expectations (to date).» With roughly 20 percent of S&P 500 Index companies having reported, earnings are showing growth that exceeds 10 percent on revenue growth of roughly six percent versus the first quarter of 2016.» Thus far, results are being driven by Energy, Information Technology, and Financial sector earnings gains. What it may mean for investors» We believe that investors should capitalize upon any pullbacks in the domestic equity market to acquire cyclically sensitive stocks. Large Cap Mid Cap Developed- Market Emerging-Market Small Cap Underweight Very Early Look at the U.S. Earnings Scene While it is still early in the first-quarter earnings reporting season, the full-year 2017 earnings estimates from individual company analysts have declined from roughly $134 to $ in recent quarters. We believe that consensus expectations are likely to soften further through the year as moderate gross domestic product (GDP) growth and extended margins keep somewhat of a lid on the earnings-growth rate. At this early stage of the year, our current S&P 500 Index earnings target for 2017 is $127. Thus far, first-quarter S&P 500 Index earnings (versus the first quarter of 2016) have risen by approximately 10 percent. Table 1 shows the quarter-over-quarter earnings change by sector. Earnings from the Energy, Financials, and Information Technology sectors offer particularly strong comparisons, while other sectors are showing lower-single-digit increases, and four of 11 sectors show negative comparisons. In each of the very strong cases, the year-ago earnings represented an easy comparison. As we move through the year, we expect that Energy-sector comparisons generally will remain favorable (unless energy prices take another material downward dip). We expect mid-year 2017 Financial-sector comparisons to become somewhat more difficult, but they should fare better later in the year as loan growth continues, and with slightly higher net interest margins expected for later this year. While we 2017 Wells Fargo Investment Institute. All rights reserved. Page 1 of 7
2 expect Information Technology-sector comparisons to become tougher through this year, we expect that consumer and business spending will continue to favorably impact the Technology, Consumer Discretionary, and Industrial sectors. As the developed international economies show more signs of growth this year, we also expect rising international demand for these domestic sectors. Table 1. First Quarter 2017 S&P 500 Index Sector Earnings (to Date) versus First Quarter 2016 Sector Quarter over Quarter Change in Earnings Energy $2.72 versus a loss of $0.35 Financials +17.9% Information Technology +17.9% Materials +15.4% Real Estate +4.8% Consumer Staples +2.4% Health Care +1.8% Utilities -2.2% Industrials -3.2% Consumer Discretionary -3.9% Telecommunication Services -4.7% Sources: S&P Global Market Intelligence, Wells Fargo Investment Institute, 4/24/17. With only a handful of companies having reported for the first quarter, roughly 74 percent of those firms have generated earnings ahead of expectations. We haven t seen outperformance of this magnitude since the third quarter of Only 19.5 percent of companies have reported results below expectations (we did witness a 17.6 percent underperformance rate in the first quarter of 2016 and 19.4 percent in the fourth quarter of 2015). We would expect the percentage of outperformers to moderate as the balance of companies report their first-quarter earnings results. Chart 1. Outperforming versus Underperforming S&P 500 Index Earnings Reports: 1992 to Present Percentage Outperforming/Underperforming Positive Surprises Negative Surprises Median Positive Median Negative Sources: Bloomberg, Wells Fargo Investment Institute, 4/24/17. Chart shows the percentage of S&P 500 Index positive earnings surprises and negative earnings surprises (versus analyst expectations), along with the median for each measure Wells Fargo Investment Institute. All rights reserved. Page 2 of 7
3 We have plotted the percentage of outperforming versus underperforming earnings reports for S&P 500 Index companies from the first quarter of 1992 through the first quarter of 2017 in Chart 1. The ratio of outperformers to underperformers (thus far) is 3.8:1, which is high versus an average ratio of 2.9:1 from the second quarter of 1992 through the first quarter of While the ratio of earnings beats currently is high, investors must keep in mind that S&P 500 Index earnings last year were flat versus the prior year. It also is important to keep in mind that, some months ago, many investors were looking for even larger outperformance for this year than they are today. Our S&P 500 Index earnings estimate of $127 for 2017 would result in an increase of roughly eight percent, overall, for earnings this year (versus 2016 earnings). However, investors should remember that risks remain. Valuations for the S&P 500 Index, the Russell Midcap Index, and the Russell 2000 Index of smallcap companies remain above (or well above) their 20-year medians. The trailing 12-month S&P 500 Index price/earnings (P/E) valuation has increased from 14x in 2011 to 21x today. Valuation increases have represented a meaningful portion of returns over that time frame. While higher valuations, on their own, do not end economic cycles, they are likely to increase volatility levels. Policy uncertainties (and risks) remain both to the downside and the upside, including Federal Reserve (Fed) policy risks and U.S. fiscal policies. Geopolitical risks appear to have increased in recent months as various countries are testing the new U.S. political regime. Typically, during periods of Fed rate increases, P/E valuations can drift lower even as earnings continue to expand. We believe that investors should capitalize upon pullbacks in this market, should they occur. In our view, we are still in the seventh inning of this cycle, and investors should accumulate cyclically sensitive stocks that can benefit from the balance of the economic cycle. We believe that favorable earnings growth should continue through this year and into Weekly Wrap and Look Ahead All major domestic and international indices were positive year to date; most were positive last week. Index 1 Last Week s Performance 2017 YTD Performance S&P % +4.9% DJIA -0.5% +4.0% NASDAQ +1.8% +9.8% Russell % +1.7% MSCI EAFE +0.2% +5.6% MSCI Emerging Markets +0.1% +11.5% 1 For the week of April 17 April 21, 2017 Sources: Wells Fargo Investment Institute, Bloomberg, 4/24/17 Past performance is no guarantee of future results. An index is unmanaged and not available for direct investment Wells Fargo Investment Institute. All rights reserved. Page 3 of 7
4 Five of 11 S&P 500 Index sectors outperformed the index, and eight of 11 gained ground on the week. Best-Performing Sectors Last Week s 2 Performance Worst-Performing Sectors Industrials +2.0% Energy -2.1% Consumer Discretionary +1.9% Telecom Services -1.6% Information Technology +1.8% Health Care -0.4% 2 For the week of April 17 April 21, 2017 Source: Wells Fargo Investment Institute, 4/24/17. Past performance is no guarantee of future results. Last Week s 2 Performance Stocks reacted positively to the first round of French elections and to talk of tax reform both globally and here in the United States. We do not believe that the outcome of the May 7 French presidential runoff will affect the domestic or global economy to any meaningful extent. We suggest that U.S. equity investors pay the most attention to the domestic fundamentals and where they are headed. We continue to argue that U.S. economic fundamentals in 2017 likely will have very little to do with Congress or the new administration. The equity market, of course, is looking ahead and trying to determine what, if any, pro-growth proposals from President Trump and his team actually will be implemented. We believe the proposals that are eventually implemented in Washington will be more of a 2018, 2019 and 2020 story. The modest growth/modest inflation environment we have been living with for the past eight years likely will last well into Next year, U.S. economic growth may pick up a touch based on our very preliminary analysis. We anticipate some stock headwinds from wage gains as investors fret over potential margin deterioration in a domestic economy that is only accelerating to a minor degree. Sector S&P Weighting* Wells Fargo Investment Institute Guidance Consumer Discretionary 12.4% Overweight 14.9% Consumer Staples 9.4% Underweight 5.5% Energy 6.4% Underweight 4.0% Financials 14.2% Overweight 16.4% Health Care 13.8% Overweight 17.2% Industrials 10.2% Overweight 11.6% Information Technology 22.3% 21.8% Materials 2.8% 3.0% Real Estate 2.9% 3.1% Telecom Services 2.3% 2.5% Utilities 3.2% Underweight 0.0% S&P 500 Earnings Estimate for 2017 $ S&P 500 Year-end 2017 Target Range *Sector weightings may not add to 100% due to rounding. Weightings as of 4/24/17. Targets are not guaranteed and may change. Sources: Wells Fargo Investment Institute, Bloomberg, 4/24/ Wells Fargo Investment Institute. All rights reserved. Page 4 of 7
5 S&P 500 Index Sectors: Wells Fargo Investment Institute First-Quarter 2017 Earnings Estimate Consumer Discretionary Consumer Staples 3.6 Percentage Change Y-o-Y (Est.) -2.5 Energy NA (+$3.20 est. vs. -$0.35 in the first quarter of 2016) Financials 15.0 Health Care 0.0 Industrials -4.5 Information Technology 14.0 Materials 14.0 Real Estate 4.5 Telecommunications Services -3.0 Utilities -2.0 S&P 500 Index 7.8% Sources: Wells Fargo Investment Institute, S&P Capital IQ, 4/17/17. Wells Fargo Investment Institute estimates were established prior to the start of first quarter 2017 earnings reporting season. Valuations and Fundamentals for Five Primary Equity Asset Classes Valuations S&P 500 Index Developed Markets Russell Midcap Russell 2000 Emerging Markets P/E (based upon 2017E EPS) Price/Book Value EV*/Sales EV*/EBIT EV*/EBITDA Dividend Yield (%) Profitability S&P 500 Index Developed Markets Russell Midcap Russell 2000 Emerging Markets Gross Margin (%) Operating Margin (%) Profit Margin (%) Return on Assets (%) Return on Common Equity (%) Return on Capital (%) Dividend Payout Ratio Sales Per Employee ($) 840, , ,007, ,487, ,047.9 Balance Sheet S&P 500 Index Developed Markets Russell Midcap Russell 2000 Emerging Markets Current Ratio Net Debt to EBITDA Total Debt to EV* Total Debt to Total Equity (x100) Total Debt to Total Assets (x100) Market Capitalization S&P 500 Index Developed Markets Russell Midcap Russell 2000 Emerging Markets Last Index Level ($) 2, , , , Total Market Capitalization ($mil) 20,996, ,779, ,993, ,248, ,504,023.0 Free Float Market Cap. ($mil) 19,850, ,078, ,410, ,933, ,741,296.0 *EV = Enterprise Value. EBITDA = Earnings before Interest, Taxes, Depreciation and Amortization. 2017E EPS = 2017 estimate earnings-per-share Sources: Wells Fargo Investment Institute, Bloomberg, 4/24/17. Developed Markets: MSCI EAFE Index (Europe, Australasia, Far East). Emerging Markets: MSCI Emerging Markets Index Wells Fargo Investment Institute. All rights reserved. Page 5 of 7
6 Risk Factors Equity securities are subject to market risk which means their value may fluctuate in response to general economic and market conditions and the perception of individual issuers. Investments in equity securities are generally more volatile than other types of securities The prices of small and mid-cap company stocks are generally more volatile than large company stocks. They often involve higher risks because smaller companies may lack the management expertise, financial resources, product diversification and competitive strengths to endure adverse economic conditions. Investing in foreign securities presents certain risks not associated with domestic investments, such as currency fluctuation, political and economic instability, and different accounting standards. This may result in greater share price volatility. These risks are heightened in emerging markets. Technology and Internet-related stocks, especially of smaller, less-seasoned companies, tend to be more volatile than the overall market. Definitions An index is unmanaged and not available for direct investment. DJIA is a price-weighted average of 30 significant stocks traded on the New York Stock Exchange and the Nasdaq. MSCI EAFE Index (Europe, Australasia, Far East) is a free float-adjusted market capitalization index that is designed to measure the equity market performance of developed markets, excluding the U.S. and Canada. The Index consists of the following 21 developed market country indexes: Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, Portugal, Singapore, Spain, Sweden, Switzerland, and the United Kingdom. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that is designed to measure equity market performance of emerging markets. The MSCI Emerging Markets Index consists of the following 23 emerging market country indexes: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Greece, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Peru, Philippines, Poland, Qatar, Russia, South Africa, Taiwan, Thailand, Turkey and United Arab Emirates. NASDAQ is an unmanaged group of the 100 biggest companies listed on the NASDAQ Composite Index. The list is updated quarterly and companies on this Index are typically representative of technology-related industries, such as computer hardware and software products, telecommunications, biotechnology and retail/wholesale trade. Russell 2000 Index measures the performance of the 2,000 smallest companies in the Russell 3000 Index, which represents approximately eight percent of the total market capitalization of the Russell 3000 Index. Russell 1000 Index measures the performance of the 1,000 largest companies in the Russell 3000 Index, which represents approximately 92% of the total market capitalization of the Russell 3000 Index. Russell 3000 Index measures the performance of the 3,000 largest U.S. companies based on total market capitalization, which represents approximately 98% of the investable U.S. equity mark Russell Midcap Index measures the performance of the 800 smallest companies in the Russell 1000 Index, which represent approximately 25 percent of the total market capitalization of the Russell 1000 Index. S&P 500 Index is a market capitalization-weighted index composed of 500 widely held common stocks that is generally considered representative of the U.S. stock market. The Index is unmanaged and not available for direct investment. Disclaimers Global Investment Strategy ( GIS ) is a division of Wells Fargo Investment Institute, Inc. ( WFII ). WFII is a registered investment adviser and wholly-owned subsidiary of Wells Fargo & Company. The information in this report was prepared by the GIS division of WFII. Opinions represent GIS opinion as of the date of this report and are for general informational purposes only and are not intended to predict or guarantee the future performance of any individual security, market sector or the markets generally. GIS does not undertake to advise you of any change in its opinions or the information contained in this report. Wells Fargo & Company affiliates may issue reports or have opinions that are inconsistent with, and reach different conclusions from, this report. The information contained herein constitutes general information and is not directed to, designed for, or individually tailored to, any particular investor or potential investor. This report is not intended to be a client-specific suitability analysis or recommendation, an offer to participate in any investment, or a recommendation to buy, hold or sell securities. Do not use this report as the sole basis for investment decisions. Do not select an asset class or investment product based on performance alone. Consider all relevant information, including your existing portfolio, investment objectives, risk tolerance, liquidity needs and investment time horizon Wells Fargo Investment Institute. All rights reserved. Page 6 of 7
7 Wells Fargo Advisors is registered with the U.S. Securities and Exchange Commission and the Financial Industry Regulatory Authority, but is not licensed or registered with any financial services regulatory authority outside of the U.S. Non-U.S. residents who maintain U.S.-based financial services account(s) with Wells Fargo Advisors may not be afforded certain protections conferred by legislation and regulations in their country of residence in respect of any investments, investment transactions or communications made with Wells Fargo Advisors. Wells Fargo Advisors is a trade name used by Wells Fargo Clearing Services, LLC and Wells Fargo Advisors Financial Network, LLC, Members SIPC, separate registered broker-dealers and non-bank affiliates of Wells Fargo & Company. CAR Wells Fargo Investment Institute. All rights reserved. Page 7 of 7
San Francisco Retiree Health Care Trust Fund Education Materials on Public Equity
M E K E T A I N V E S T M E N T G R O U P 5796 ARMADA DRIVE SUITE 110 CARLSBAD CA 92008 760 795 3450 fax 760 795 3445 www.meketagroup.com The Global Equity Opportunity Set MSCI All Country World 1 Index
More informationWhat Are Consumer and Investor Confidence Signaling?
Veronica Willis Investment Strategy Analyst WEEKLY GUIDANCE ON ECONOMIC AND GEOPOLITICAL EVENTS What Are Consumer and Investor Confidence Signaling? September 19, 2017 Key Takeaways» Consumer and investor
More informationDFA Global Equity Portfolio (Class F) Performance Report Q2 2017
DFA Global Equity Portfolio (Class F) Performance Report Q2 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2018
DFA Global Equity Portfolio (Class F) Performance Report Q3 2018 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q4 2017
DFA Global Equity Portfolio (Class F) Performance Report Q4 2017 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Performance Report Q3 2015
DFA Global Equity Portfolio (Class F) Performance Report Q3 2015 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds. This presentation
More informationDFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014
DFA Global Equity Portfolio (Class F) Quarterly Performance Report Q2 2014 This presentation has been prepared by Dimensional Fund Advisors Canada ULC ( DFA Canada ), manager of the Dimensional Funds.
More informationPortfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios
Portfolio Strategist Update from BlackRock Active Opportunity ETF Portfolios As of Sept. 30, 2017 Ameriprise Financial Services, Inc., ("Ameriprise Financial") is the investment manager for Active Opportunity
More informationFreedom Quarterly Market Commentary // 2Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 2Q 2018 SECOND QUARTER HIGHLIGHTS U.S. economic growth and earnings lead the world The value of the dollar rises, affecting currency exchange
More informationNORTH AMERICAN UPDATE
NORTH AMERICAN UPDATE December 6 th, 2018 INNOVATION INSIGHT GROWTH SINCE 1968 TOUGH YEAR FOR RETURNS AROUND THE WORLD Index Year-to-date Performance MSCI World -1.2% MSCI USA 3.9% MSCI Canada -3.9% MSCI
More informationWells Fargo Target Date CITs E3
All information is as of 12-31-17 unless otherwise indicated. Overview General fund information Fund sponsor and manager: Wells Fargo Bank, N.A. Fund advisor: Wells Capital Management Inc. Portfolio manager:
More informationRebalancing International Equities: What to Know. What to Consider.
Success Should Not Be Cyclical Perspective Rebalancing International Equities: What to Know. What to Consider. Executive Summary Diversified investors may be frustrated by the underperformance of their
More informationDIVERSIFICATION. Diversification
Diversification Helps you capture what global markets offer Reduces risks that have no expected return May prevent you from missing opportunity Smooths out some of the bumps Helps take the guesswork out
More informationWells Fargo Target Date Funds
All information is as of 9-30-17 unless otherwise indicated. Overview General fund information Portfolio managers: Kandarp Acharya, CFA, FRM; Christian Chan, CFA; and Petros Bocray, CFA, FRM Subadvisor:
More informationQuarterly Investment Update First Quarter 2018
Quarterly Investment Update First Quarter 2018 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with [insert name of Advisor]. DFA Canada is a separate and distinct company. Market
More informationQuarterly Investment Update First Quarter 2017
Quarterly Investment Update First Quarter 2017 Market Update: A Quarter in Review March 31, 2017 CANADIAN STOCKS INTERNATIONAL STOCKS Large Cap Small Cap Growth Value Large Cap Small Cap Growth Value Emerging
More informationInternational Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: International Equities $912.3 million $36.3 million Year Founded: GIMA
More informationTEACHERS RETIREMENT BOARD. INVESTMENT COMMITTEE Item Number: 11
TEACHERS RETIREMENT BOARD INVESTMENT COMMITTEE Item Number: 11 SUBJECT: Special Mandate Low Carbon Strategies CONSENT: ATTACHMENT(S): 2 ACTION: X DATE OF MEETING: / 20 mins. INFORMATION: PRESENTER(S):
More informationGlobal Thematic (ETFs) Select UMA Managed Advisory Portfolios Solutions
Managed Advisory Portfolios Solutions 2000 Westchester Avenue Purchase, New York 10577 Style: Sub-Style: Firm AUM: Firm Strategy AUM: Global Equities $912.3 million $53.9 million Year Founded: GIMA Status:
More informationGlobal Select International Select International Select Hedged Emerging Market Select
International Exchange Traded Fund (ETF) Managed Strategies ETFs provide investors a liquid, transparent, and low-cost avenue to equities around the world. Our research has shown that individual country
More informationThe Disconnect Continues
The Disconnect Continues Richard Bernstein June 3, 2011 Our strategies focus on finding disconnects between investor sentiment and the reality of improvement or deterioration in fundamentals. The current
More informationGlobal ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016
Global ex US PE / VC Benchmark Commentary Quarter Ending September 30, 2016 Overview In USD terms, the Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital Index returned
More informationGlobal Banks: 1H Recap, Review & Update
By John Hadwen, August 2, 2018 How has the global Financials sector fared in the first half of 2018? Here are my key takeaways on the recent performance of North American and European banks, as well as
More informationHead Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP #
Information Circular: Rydex ETF Trust To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department
More informationRisks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager
Risks and Opportunities in Global Equities Today BCI Global Investment Conference Tom Mann, CFA Senior Portfolio Manager June 2017 For professional investors only. Not suitable for retail clients 05/06/2017
More informationPIMCO Research Affiliates Equity (RAE) Fundamental
PIMCO Research Affiliates Equity (RAE) Fundamental Seek to get more from your equity allocation with a systematic strategy that captures the key benefits of a passive equity approach, with the potential
More informationAll-Country Equity Allocator February 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Charles Waters cwaters@dcmadvisors.com 917-386-6264 All-Country Equity Allocator February
More informationThe Current and Long- Term Case for Overseas Investing
The Current and Long- Term Case for Overseas Investing Q1 2017 TP666 Bank of America Corporation ( Bank of America ) is a financial holding company that, through its subsidiaries and affiliated companies,
More informationAll-Country Equity Allocator July 2018
Leila Heckman, Ph.D. lheckman@dcmadvisors.com 917-386-6261 John Mullin, Ph.D. jmullin@dcmadvisors.com 917-386-6262 Allison Hay ahay@dcmadvisors.com 917-386-6264 All-Country Equity Allocator July 2018 A
More informationGlobal Investment Strategy Report
Global Investment Strategy Global Investment Strategy Report June 5, 2017 Tracie McMillion, CFA Head of Global Asset Allocation Strategy Weekly market insights from the Global Investment Strategy team»
More informationDoes Economic Growth in Emerging Markets Drive Equity Returns?
Does Economic Growth in Emerging Markets Drive Equity Returns? Conrad Saldanha, CFA Portfolio Manager Emerging Market Equities August 00 Conventional wisdom suggests that a country s economic growth should
More informationTRADE TENSIONS PLAYBOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY June 25 2018 TRADE TENSIONS PLAYBOOK John Lynch Chief Investment Strategist, LPL Financial Jeffrey Buchbinder, CFA Equity Strategist, LPL Financial KEY TAKEAWAYS We
More informationSummit Strategies Group
April 0, 205 US Equity: All Cap Russell 000 Index 0.45 5.9 2.26 2.74 6.86 4. 8.68 8.66 Dow Jones US Total Stock Market Index 0.46 5.9 2.27 2.67 6.78 4.7 8.78 8.8 US Equity: Large Cap Russell 000 Index
More informationQ2 Quarterly Market Review Second Quarter 2015
Q2 Quarterly Market Review Second Quarter 2015 Quarterly Market Review Second Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins
More informationCHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR
January 7, 2015 ETF-015-002 CHICAGO STOCK EXCHANGE, INC. MARKET REGULATION DEPARTMENT INFORMATION CIRCULAR RE: DIREXION DAILY ETFS TO BEGIN TRADING ON CHX Pursuant to Information Circular MR 08-16, the
More informationSummit Strategies Group
May, 208 US Equity: All Cap Russell 000 Index 2.82.4 2.55 5.06 0.72 2.85 2.6 9.2 Dow Jones US Total Stock Market Index 2.8.5 2.57 5.09 0.68 2.78 2.58 9.27 US Equity: Large Cap Russell 000 Index 2.55 0.57
More informationSummit Strategies Group
June 0, 208 US Equity: All Cap Russell 000 Index 0.65.89.22 4.78.58.29.0 0.2 Dow Jones US Total Stock Market Index 0.66.87.25 4.79.56.22 2.98 0.28 US Equity: Large Cap Russell 000 Index 0.65.57 2.85 4.54.64.7.2
More informationSummit Strategies Group
August, 208 US Equity: All Cap Russell 000 Index.5 7.65 0.9 20.25 5.86 4.25 5.50 0.89 Dow Jones US Total Stock Market Index.48 7.64 0.4 20.26 5.82 4.2 5.45 0.94 US Equity: Large Cap Russell 000 Index.45
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationAddress City State Zip Phone Fax. First Name Last Name Suffix. Address City State Zip Phone Fax
Assumptions Plan Date Schedule Plan Review 6 months 1 year Other Client Marital Status Single Married Domestic Partner Long-term inflation rate Social Security increase rate Personal Data Client A Information
More informationSummit Strategies Group
As of December 3, 203 US Equity: All Cap Russell 3000 Index 2.64 0.0 33.55 33.55 6.24 8.7 6.50 7.88 7.09 Dow Jones US Total Stock Market Index 2.63 0. 33.47 33.47 6.23 8.86 6.68 8.0 6.90 US Equity: Large
More informationIOOF. International Equities Portfolio NZD. Quarterly update
IOOF NZD Quarterly update For the period ended 30 September 2018 Contents Overview 2 Portfolio at glance 3 Performance 4 Asset allocation 6 Overview At IOOF, we have been helping Australians secure their
More informationQuarterly Market Review. First Quarter 2015
Q1 Quarterly Market Review First Quarter 2015 Quarterly Market Review First Quarter 2015 This report features world capital market performance and a timeline of events for the past quarter. It begins with
More informationA Classic Barometer. Insights April Richard Bernstein, Chief Executive and Chief Investment Officer. A classic barometer says US ok; EM not.
, Chief Executive and Chief Investment Officer Advisors Independent investment advisor with a unique top-down, macro approach to investing with quantitative security selection. A Classic Barometer $2.9B
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index -.69 2.40.9 6.22 0.59 4.7 2.79 9.78 Dow Jones US Total Stock Market Index -.70 2.4.4 6.2 0.55 4.2 2.76 9.8 US Equity: Large Cap Russell 000 Index -.67 2.75.62 6.70
More informationSummit Strategies Group
US Equity: All Cap Russell 000 Index.72 7.7 5.67 26.29 9.92.85.87 7.64 Dow Jones US Total Stock Market Index - - - - - - - - US Equity: Large Cap Russell 000 Index.87 7.95 5.96 25.5 0.9.94.9 7.69 Russell
More informationWells Fargo Compass Advisory Program Current Equity Income Portfolio
Wells Fargo Advisors Portfolio Management Quarterly Commentary Wells Fargo Compass Advisory Program Current Equity Income Portfolio December 31, 2017 Chris Hanaway, CFA Co-Portfolio Manager Jack Spudich,
More informationSummit Strategies Group
October, 208 US Equity: All Cap Russell 000 Index -7.6 -.95 2.4 6.60.27 0.8.8.5 Dow Jones US Total Stock Market Index -7.4-4.04 2.9 6.56.24 0.76.75.6 US Equity: Large Cap Russell 000 Index -7.08 -.5 2.67
More informationTracking the Growth Catalysts in Emerging Markets
Tracking the Growth Catalysts in Emerging Markets September 14, 2016 by Nick Niziolek of Calamos Investments The following is an excerpt of remarks made on August 30, 2016. The majority of the improved
More informationINVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN
INVESTMENT MARKET UPDATE UBC FACULTY PENSION PLAN MIKE LESLIE, FACULTY PENSION PLAN NEIL WATSON, LEITH WHEELER FEBRUARY 12, 2014 Presenters Mike Leslie Executive Director, Investments Faculty Pension Plan
More informationMonth-End Asset Return Analysis January 2018
FEBRUARY 0 1 2018 United States Month-End Asset Return Analysis January 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets
More informationINFORMATION CIRCULAR: DIREXION SHARES ETF TRUST
INFORMATION CIRCULAR: DIREXION SHARES ETF TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications
More informationSecurities (the Funds ) Direxion Daily FTSE Developed Markets Bull 1.25X Shares. Direxion Daily FTSE Emerging Markets Bull 1.
BZX Information Circular 15-002 EDGA Regulatory Information Circular 15-002 BYX Information Circular 15-002 EDGX Regulatory Information Circular 15-002 Date: January 7, 2015 Re: Direxion Daily Shares Pursuant
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationIMPORTANT TAX INFORMATION
00126803 IMPORTANT TAX INFORMATION Dear Hartford Funds Shareholder: The following information about your enclosed 1099-DIV from Hartford Funds should be used when preparing your 2014 tax return. The information
More informationMonth-End Asset Return Analysis February 2018
M ARCH 0 1 2018 United States Month-End Asset Return Analysis February 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets
More informationMonth-End Asset Return Analysis March 2018
A PRIL 0 2 2018 United States Month-End Asset Return Analysis March 2018 Monthly, Quarterly, Annual, and Long-term tables of the major U.S. indices. Morgan Stanley Wealth Management Capital Markets Patrick
More informationFreedom Quarterly Market Commentary // 1Q 2018
ASSET MANAGEMENT SERVICES Freedom Quarterly Market Commentary // 1Q 2018 FIRST QUARTER NOTABLES DRIVERS The return of volatility PERFORMANCE Equity and fixed income markets experience losses, though just
More informationFTSE Global All Cap Index
FTSE Russell Factsheet FTSE Global All Cap Index bmktitle1 The FTSE Global All Cap Index is a market-capitalisation weighted index representing the performance of the large, mid and small cap stocks globally.
More informationGlobal ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015
Global ex US PE / VC Benchmark Commentary Quarter and Year Ending December 31, 2015 Overview The Cambridge Associates LLC Global ex US Developed Markets Private Equity and Venture Capital (PE/VC) Index
More informationHead Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders. Exchange-Traded Fund Symbol CUSIP #
Information Circular: PowerShares Funds To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department
More informationInformation Circular: ishares Trust
Information Circular: ishares Trust To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ Listing Qualifications Department BX Listing
More informationReporting practices for domestic and total debt securities
Last updated: 27 November 2017 Reporting practices for domestic and total debt securities While the BIS debt securities statistics are in principle harmonised with the recommendations in the Handbook on
More informationCFI Multi-Strategy Equity Fund, LLC Objective and Strategy September 30, 2015
Objective and Strategy OBJECTIVE To offer an actively managed, multi-manager investment program that will provide broad exposure to global equity markets. The fund seeks to add value net of fees above
More informationWORKING TOGETHER Design Build Protect
WORKING TOGETHER Design Build Protect 2018 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the Securities and Exchange Commission. Securities
More informationVantage Investment Partners. Quarterly Market Review
Vantage Investment Partners Quarterly Market Review First Quarter 2016 Quarterly Market Review First Quarter 2016 This report features world capital market performance and a timeline of events for the
More informationWhen Debt Pushes Back
IN-D EPTH A NALYSIS OF THE FIXED I NCOME MARKETS George Rusnak, CFA Co-Head of Global Fixed Income Strategy When Debt Pushes Back February 22, 2018 Key takeaways» The rising U.S. federal debt burden now
More informationCharts for the beach. Richard Bernstein. Global Growth in Money Supply *vs. Inflation Rate. Emerging market problems are secular, not short-term.
CPI Y/Y % Charts for the beach Richard Bernstein August 9, 2013 Our basic positions are now famous (or infamous). We continue to favor US assets and to shield our portfolios from the on-going and broad
More informationTo provide broad coverage of global markets that are open to foreign investment. The indexes currently represent the following countries:
Dow Jones Global Index SM Industry Indexes Stated Objective To provide broad coverage of global markets that are open to foreign investment. The indexes currently represent the following countries: Australia
More informationNEUBERGER BERMAN INVESTMENT FUNDS PLC
The Directors of the Company whose names appear in the Management and Administration section of the Prospectus accept responsibility for the information contained in this document. To the best of the knowledge
More informationFourth Quarter 2017 The 545 Group Investment Insights
The 545 Group Investment Insights We are pleased to offer this quarter s Investment Insights newsletter summarizing our team s current views and opinions on relevant economic, geopolitical and capital
More informationInvesco Indexing Investable Universe Methodology October 2017
Invesco Indexing Investable Universe Methodology October 2017 1 Invesco Indexing Investable Universe Methodology Table of Contents Introduction 3 General Approach 3 Country Selection 4 Region Classification
More informationWORKING TOGETHER Design Build Protect
WORKING TOGETHER Design Build Protect Presenter Presenter Title, Loring Ward 2016 LWI Financial Inc. All rights reserved. LWI Financial Inc. ( Loring Ward ) is an investment adviser registered with the
More informationINFORMATION CIRCULAR: SPDR INDEX SHARES FUNDS
INFORMATION CIRCULAR: SPDR INDEX SHARES FUNDS TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications
More informationInvestment Newsletter
INVESTMENT NEWSLETTER September 2016 Investment Newsletter September 2016 CLIENT INVESTMENT UPDATE NEWSLETTER Relative Price and Expected Stock Returns in International Markets A recent paper by O Reilly
More informationBlackRock Developed World Index Sub-Fund
KEY INVESTOR INFORMATION BlackRock Developed World Index Sub-Fund A sub-fund of BlackRock Index Selection Fund Objectives and Investment Policy This document provides you with key investor information
More informationINFORMATION CIRCULAR: ISHARES TRUST
INFORMATION CIRCULAR: ISHARES TRUST TO: FROM: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders NASDAQ / BX / PHLX Listing Qualifications Department
More informationGlobal Business Barometer April 2008
Global Business Barometer April 2008 The Global Business Barometer is a quarterly business-confidence index, conducted for The Economist by the Economist Intelligence Unit What are your expectations of
More informationFTSE All-World High Dividend Yield
FTSE Russell Factsheet High Dividend Index Data as at: 31 August 2018 bmktitle1 The High Dividend Index comprises stocks that are characterized by higherthan-average dividend yields, and is based on the
More informationJuly 2012 Chartbook The Halftime Report
Average Daily $VA LUE Traded ($Billions ) $Billions (212 ( US China Japan CHI-X London Hong Kong Germany France Canada Korea Australia Brazil Taiwan Spain India Italy $billions Switzerland Sweden Amsterdam
More informationWells Fargo Compass Advisory Program Managed Diversified Stock Income Plan
Wells Fargo Advisors Portfolio Management Quarterly Commentary Wells Fargo Compass Advisory Program Managed Diversified Stock Income Plan December 31, 2017 Kent Newcomb, CFA Co-Portfolio Manager Jack Spudich,
More informationFreedom Growth Overview // 1Q 2018
m ASSET MANAGEMENT SERVICES Freedom Growth Overview // 1Q 2018 OBJECTIVE COMMENTARY 1 After a lengthy period of relative stability in the capital markets, the first quarter of 2018 marked the return of
More informationCOUNTRY COST INDEX JUNE 2013
COUNTRY COST INDEX JUNE 2013 June 2013 Kissell Research Group, LLC 1010 Northern Blvd., Suite 208 Great Neck, NY 11021 www.kissellresearch.com Kissell Research Group Country Cost Index - June 2013 2 Executive
More informationEconomic Forecast 2018
Economic Forecast 2018 Economic Outlook 2018 Featured Speaker: Daniel Morgan Senior Portfolio Manager This report has been prepared from sources and data believed to be reliable but is not guaranteed to
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE FACTSHEET FTSE All-World ex Fossil Fuels Index Series Data as at: 30 October 2015 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce
More informationMarket Review and Outlook. Todd Centurino, CFA
Market Review and Outlook Todd Centurino, CFA Q1 2017 Global Economy: On the Upswing Ranked Returns (%) Emerging Market Equities 11.40 European Equities 7.40 US Equities 6.10 Global Bonds 2.00 US Treasuries
More informationActuarial Supply & Demand. By i.e. muhanna. i.e. muhanna Page 1 of
By i.e. muhanna i.e. muhanna Page 1 of 8 040506 Additional Perspectives Measuring actuarial supply and demand in terms of GDP is indeed a valid basis for setting the actuarial density of a country and
More informationEQUITY REPORTING & WITHHOLDING. Updated May 2016
EQUITY REPORTING & WITHHOLDING Updated May 2016 When you exercise stock options or have RSUs lapse, there may be tax implications in any country in which you worked for P&G during the period from the
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE Russell Factsheet FTSE All-World ex Fossil Fuels Index Series Data as at: 31 August 2018 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and
More informationQuarterly Investment Update
Quarterly Investment Update Third Quarter 2017 Dimensional Fund Advisors Canada ULC ( DFA Canada ) is not affiliated with The CM Group DFA Canada is a separate and distinct company Market Update: A Quarter
More informationDFA International Core Equity Fund
For the period ended 18 The interim management report of fund performance contains financial highlights but does not contain either the interim financial statements or annual financial statements of the
More informationUsing Diversification to Help Manage Risk and Return
Global Investment Strategy Using Diversification to Help Manage Risk and Return A Prudent Approach to Investing Over the Long Term Tracie McMillion, CFA Head of Global Asset Allocation Strategy Chris Haverland,
More informationFTSE All-World ex Fossil Fuels Index Series
FTSE Russell Factsheet FTSE All-World ex Fossil Fuels Index Series Data as at: 31 October 2018 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and
More informationNEWTON GLOBAL EMERGING MARKETS STRATEGY
July 2018 NEWTON GLOBAL EMERGING MARKETS STRATEGY For institutional investors only. Not for distribution outside the U.S. or to individual investors. Compared to more established economies, the value of
More informationInvestment Manager Update from Wilshire Associates Active Diversified Portfolios
Investment Manager Update from Wilshire Associates Active Diversified Portfolios As of March 31, 2018 Wilshire Associates ("Wilshire") is the investment manager for Active Diversified Portfolios. Wilshire
More informationFTSE All-World ex Coal Index Series
FTSE Russell Factsheet FTSE All-World ex Coal Index Series Data as at: 29 March 2019 bmktitle1 Market participants are increasingly looking to manage carbon exposure in their investments, and reduce write-off
More informationDriehaus International Small Cap Growth Fund
DRIEHAUS CAPITAL MANAGEMENT SECOND QUARTER 208 Growth Fund KEY FEATURES Developed and emerging markets small cap exposure mark aware, not benchmark constrained Opportunistic investment approach High active
More informationInformation Circular: PowerShares Exchange-Traded Fund Trust II
Information Circular: PowerShares Exchange-Traded Fund Trust II To: From: Head Traders, Technical Contacts, Compliance Officers, Heads of ETF Trading, Structured Products Traders PHLX Listing Qualifications
More informationDan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist
Dan Miller - Advice & Portfolio Specialist Dan Wanstreet, CFA - Senior Advice & Portfolio Specialist January 2018 Recap U.S. equities started the year off on a positive note, as recently passed tax reform
More informationGLOBAL EQUITY MARKET OUTLOOK
LPL RESEARCH WEEKLY MARKET COMMENTARY KEY TAKEAWAYS 2017 was an excellent year for international equities, particularly EM. We favor the United States and EM equities for tactical global asset allocations
More information